Monday, June 1, 2009

Michael Moore / Mike's Message:Goodbye, GM ...by Michael Moore — I write this on the morning of the end of the once-mighty General Motors. By high noon, the President of the United States will have made it official: General Motors, as we know it, has been totaled. — As I sit here in GM's birthplace, Flint, Michigan …

GM Files for Bankruptcy Protection — General Motors filed for bankruptcy protection this morning, marking the end of financial independence for the 100-year-old industrial leviathan that once conflated its interests with the country's and — counting jobs at the company and its suppliers — employed well over 1 million people...

The company will seek an abbreviated, two-to-three months of bankruptcy protection Monday in court in exchange for the assistance, after which, senior administration officials said, they expect to provide no additional support...

Sean Callebs / CNN:

GM-dependent Tennessee town left to uncertain fate -- General Motors idled its Spring Hill, Tennessee, facility as part of its bankruptcy plan Monday, leaving hundreds of employees -- and thousands of residents who rely on the plant's economic thrust -- in limbo...

Micheline Maynard / New York Times:A Primer on the G.M. Bankruptcy -- General Motors followed Chrysler into bankruptcy on Monday in a case that will be one of the largest and most complex in history. It hopes to follow the same path Chrysler has taken through court, but there will be some differences between the two cases...

NY Times:Judge Clears Way for Sale of Chrysler to Fiat -- A federal judge on Sunday night cleared a path for Chrysler to exit bankruptcy by approving a sale of most of the carmaker’s assets to a new entity to be run by Fiat of Italy...

It’s “very natural” for the world to be concerned about the U.S. government’s spending and planned record fiscal deficit, Yu said in e-mailed comments yesterday relating to a visit to Beijing by U.S. Treasury Secretary Timothy Geithner ...

Daily Kos:Subprime meltdown over; now comes the bad part -- So much has been made of the subprime mortgage implosion that you would think it was almost totally responsible for the economic collapse, and that once the subprime problem was fixed then the worst would be over.

Unfortunately nothing could be further from the truth, despite hitting new highs in foreclosure listing. Instead it was the first round of a three part collapse, and we are on the edge of the second round...